21 Partners backs MBO for Impact

Having co-founded Impact in 2004, the selling partners François Crépin, Rémi Gammal and François Lévèque reinvested to retain a minority stake in the business post-MBO.

With 21 Partners as majority owner, Impact will look to diversify its service portfolio and expand operations in France and abroad. According to the GP, the company will achieve growth from efficiency-seeking corporates in France looking to outsource sales teams – one of Impact's three core business areas.

21 Partners' fourth fund, used to finance the investment, targets companies in the €50-200m valuation space.

The deal marks the end of the investment period for 21 Centrale Partners IV, which launched with a €500m target in October 2008. After a €210m first close in July 2009, fundraising concluded with a €380m final close in February 2011.

Speaking to unquote", a source close to the firm revealed the fourth fund has completed 10 investments. The figure confirms 21 Partners' statement in 2011 that the vehicle would support 10-15 buyouts for France-headquartered international companies, with equity tickets in the €20-50m region.

To date, 21 Centrale Partners IV has exited two of the 10 portfolio companies, including Sète-based campsite operator Vacalians Group, valued at €400m when it was divested to Permira in May; and speed camera warning service Coyote, sold back to management in February. In addition, a dividend recapitalisation was carried out for stationery manufacturer Oberthur, bought from TCR Capital in January 2013.

Debt
A debt facility was supplied to finance the MBO, which was leveraged at approximately 3.5x EBITDA, unquote" understands.

Company
Founded in 2004, Impact's services revolve around three core areas: sales force outsourcing, commercial animation for retailers and merchandising for corporates. With headquarters in Levallois-Perret, near Paris, the business employs around 250 professionals and most recently posted sales in excess of €50m, against the €17m that were reported in 2011.

People
21 Partners was represented by founding managing partner Gérard Pluvinet, managing partner Jacques Rossignol, principal Fabrice Voituron and associate Alba Ferracci. François Crépin, Rémi Gammal and François Lévèque co-founded Impact and are currently partners at the business.

Advisers
Equity – Cabinet De Pardieu Brocas Maffei, Jean-François Pourdieu, Matthieu Candia, Yannick Legall (Legal); August Debouzy, Emanuelle Barbara, Camille Jacot-Blais, Laura Berdugo-Donnersberg (Social due diligence); Eight Advisory, Stéphane Vanbergue, Mathieu Morisot, Adrien De La Bouillerie (Financial due diligence); Advention, Alban Neveux, Gonzague Godinot (Commercial due diligence).
Vendor – Eponyme Partners, Arnaud Perez, Sybille Vervel (M&A); Cabinet Lefèvre Pelletier & Associés, Frédéric Bailly, Nathalie Bouguyon (Legal).

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• 21 Centrale Partners